Tracinda Responds to Statement by DaimlerChrysler

    LOS ANGELES--Feb. 19, 2003--Tracinda Corporation issued the following statement in response to today's DaimlerChrysler AG press release regarding the pending lawsuit against DaimlerChrysler and senior management for fraudulently inducing the 1998 vote of Chrysler shareholders:

    "In today's press release, DaimlerChrysler has chosen to deceive the public and the shareholders of DaimlerChrysler just as it did in the documents filed with the Securities and Exchange Commission in 1998. DaimlerChrysler is making a desperate attempt to avoid the consequences of its chief executive, Juergen Schrempp, admitting that the company intentionally lied to the SEC and the shareholders of Chrysler in its 1998 Proxy Statement. DaimlerChrysler only adds to its fraud when it claims a willingness to disclose the facts. Tracinda is completely willing to participate in a full mutual disclosure of all documents and testimony obtained from all witnesses in the litigation. DaimlerChrysler is not. The gratuitous and irrelevant allegations now asserted by DaimlerChrysler against Tracinda have already been proven false in the testimony and documents DaimlerChrysler wants to keep confidential. The essential position put forth by DaimlerChrysler in its motion is that Tracinda and the other shareholders should have discovered earlier that the transaction was not a merger of equals and that they had been intentionally deceived by Daimler-Benz and Mr. Schrempp."

    Tracinda was Chrysler's largest shareholder with a 13.75% ownership position at the time that the business combination agreement was signed by Daimler-Benz and Chrysler. Tracinda is wholly owned by Kirk Kerkorian.